June 13 (Bloomberg) -- The yield on OAO Credit Bank of
Moscow’s two-year note dropped to the lowest level in almost a
month after Fitch Ratings upgraded the Russian lender’s debt.

The bank’s 5 billion rubles ($153 million) of local bonds
due June 2014 rose, cutting the yield by nine basis points, or
0.09 percentage point, to 11.69 percent, the lowest on a closing
basis since May 17.

The lender’s credit rating was raised one step to BB-, the
third-highest investment grade status, Fitch said in a
statement. The upgrade “reflects the broadening of the bank’s
franchise and expected improvement of the quality of its capital
following the upcoming equity injections from two international
financial institutions,” it said.